1) Healthy Living & Nutraceuticals
Market Monitor
Winter 2016
MOSS ADAMS CAPITAL LLC
2) Selected Healthy Living & Nutraceuticals Transactions
Healthy Living & Nutraceuticals
2
MOSS ADAMS CAPITAL LLC
3) Contents
Industry Update
4
Public Stock Performance & Valuations
5
M&A Activity & Valuations
9
Public Offerings & Capital Raises
12
Moss Adams Overview
14
Contact Information
18
Healthy Living & Nutraceuticals
3
MOSS ADAMS CAPITAL LLC
4) Significant Opportunities Ahead for Healthy Living Sector
The Healthy Eating Index, an index prepared by IBIS World Reports, has sustained all-time highs throughout 2015, with nearly 7 out of
10 adults being described as “health conscious” and “aware of balanced nutrition.” The level of health conscious consumers at its core is
driving continued growth in the Healthy Living and Nutraceuticals product segment. Further, retailers are projected to grow their retail
floor space dedicated to natural and organic products by more than 10% over the next two years, leading to more and more space
available to Healthy Living manufacturers.
World-Wide, the Vitamins and Nutritional Supplements industry has experienced stagnant growth over the past two years, however
there are pockets of developing nations that are experiencing strong growth in the supplements category. These markets include: China
(2nd largest market by volume), Thailand (10th largest market by volume), and India (14th largest market by volume), where year-overyear growth in 2015 is in the 7-11% range, vs the US growth rate of 4% over the same time period. Supplement manufacturers should
continue to target Asia and the Middle East for increased growth opportunities.
Nutraceutical International, Muscle Pharm and TwinLab Consolidated, three major domestic players in manufacturing branded
nutritional supplements, have had challenges over the past couple of years dealing with increased competition and stagnant growth.
Together, these companies have seen their trailing-twelve-month revenues decline from $455 million at yearend 2014 to $449 million at
September 30th, 2015 (down 1.4%). More specifically, product recalls, mislabeling claims, and SEC reporting issues have also contributed
to stagnant sales of nutritional supplements. Healthy Living companies, in particular Vitamin & Mineral supplement manufacturers, must
continue to invest heavily in research and development and release new efficacious products with broad distribution potential.
Source: IBIS Industry Analysis, Wunderlich research report, Nutrition Business Journal , bizjournals.com, Moss Adams Capital analysis.
Healthy Living & Nutraceuticals
4
MOSS ADAMS CAPITAL LLC
5) Healthy Living Manufacturers Stumble in Second Half of 2015
• In our Healthy Living Manufacturers index, only Boulder Brands saw its enterprise value increase in the six month period from June
2015 to December 2015; all other manufacturers saw their enterprise value, and stock performance, fall due to slowing revenue and
EBITDA growth – and in some cases declining EBITDA.
• Healthy Living Retailers have continued their slide in 2015, with compressing EBITDA margins and declining NTM growth expectations.
Indexed(1) Stock Price Performance – Last Twelve Months
Market Performance
25%
0%
S&P 500
-2%
Manufactuers
-16%
Retailers &
Distributors
-21%
-25%
(1) Healthy Living Manufacturers index, and Healthy Living Retailers & Distributors index comprised of companies on page 5 and 6. Source: CapitalIQ.
Healthy Living & Nutraceuticals
5
MOSS ADAMS CAPITAL LLC
6) Public Company Valuations: Manufacturers
Manufacturers
12/18/15
Company Name
Perrigo Company
52 week
Market
Enterprise
Sh. Price
High/Low
Cap
Value
$143.37 $215.73 / $140.40
NTM Est. Growth
TTM Data
($US in millions, except where noted and per share amounts)
EBITDA
Sales
EBITDA Margin
EV Multiple
TTM
Sales
EBITDA
Sales
TTM
NTM
EBITDA EBITDA
$21,130
$25,982
$4,997
$1,448
29.0%
22.7%
28.1%
5.2x
17.9x
14.0x
Mead Johnson Nutrition
77.50
105.45 / 69.20
15,179
15,697
4,199
1,073
25.6%
(5.1%)
(3.9%)
3.7x
14.6x
15.2x
The WhiteWave Foods Company
38.74
52.53 / 32.37
6,676
8,880
3,750
437
11.6%
12.8%
32.3%
2.4x
20.3x
15.4x
The Hain Celestial Group, Inc.
40.96
70.65 / 38.12
4,175
4,916
2,744
347
12.6%
10.4%
22.3%
1.8x
14.2x
11.6x
Nu Skin Enterprises Inc.
37.96
62.87 / 31.15
2,151
2,087
2,284
342
15.0%
1.2%
4.9%
0.9x
6.1x
5.8x
131.50
176.88 / 96.04
1,650
1,476
914
149
16.3%
8.8%
15.3%
1.6x
9.9x
8.6x
USANA Health Sciences Inc.
SunOpta Inc.
6.78
15.05 / 5.98
561
860
1,201
51
4.2%
31.1%
NM
0.7x
16.9x
7.7x
Boulder Brands, Inc.
10.97
11.85 / 6.28
677
944
508
44
8.6%
4.4%
76.9%
1.9x
21.5x
12.2x
Inventure Foods, Inc.
7.02
13.10 / 6.57
136
244
288
13
4.5%
9.3%
58.0%
0.8x
19.0x
12.0x
Nature's Sunshine Products
10.75
15.40 / 10.30
197
155
331
16
4.9%
6.0%
59.8%
0.5x
9.5x
6.0x
Nutraceutical International
26.30
26.67 / 16.28
248
275
216
39
18.0%
3.3%
3.8%
1.3x
7.1x
6.8x
Median
Average
$1,650
$4,798
$1,476 $1,201
$5,592 $1,948
$149
$360
12.6%
13.7%
8.8%
10.5%
25.2%
18.6%
1.6x
1.9x
14.6x
14.3x
11.6x
10.5x
Strong NTM EBITDA growth projections.
Note: Not meaningful (NM) if EV/Sales is greater than 10x, or EV/EBITDA is greater than 40x. NA if denominator is 0, for percentages and multiples, or if estimates are not available. NTM figures are based on the
median estimate of Wall St. analysts. Source: CapitalIQ.
Healthy Living & Nutraceuticals
6
MOSS ADAMS CAPITAL LLC
7) Public Company Valuations: Retailers & Distributors
Retailers & Distributors
12/18/15
52 week
Market
Enterprise
Sh. Price
High/Low
Cap
Value
$32.86
$57.57 / $28.73
$11,177
Herbalife Ltd.
54.38
61.95 / 27.60
5,035
5,875
Sprouts Farmers Market, Inc.
25.19
38.45 / 16.41
3,838
United Natural Foods, Inc.
40.20
83.91 / 36.11
GNC Holdings Inc.
30.78
The Fresh Market, Inc.
Vitamin Shoppe, Inc.
Company Name
Whole Foods Market, Inc.
NTM Est. Growth
TTM Data
($US in millions, except where noted and per share amounts)
EBITDA
Sales
$10,850 $15,389
EBITDA Margin
EV Multiple
TTM
Sales
EBITDA
Sales
TTM
NTM
EBITDA EBITDA
$1,397
9.1%
4.0%
(5.5%)
0.7x
7.8x
8.2x
4,504
700
15.5%
2.0%
4.5%
1.3x
8.4x
8.0x
3,998
3,397
282
8.3%
18.7%
17.3%
1.2x
14.2x
12.1x
2,020
2,508
8,269
306
3.7%
4.0%
5.5%
0.3x
8.2x
7.8x
51.69 / 22.64
2,547
3,791
2,628
477
18.2%
1.6%
(0.1%)
1.4x
7.9x
8.0x
23.48
42.12 / 18.70
1,129
1,124
1,818
193
10.6%
7.8%
4.8%
0.6x
5.8x
5.6x
32.75
48.85 / 26.57
946
952
1,263
140
11.1%
3.8%
1.8%
0.8x
6.8x
6.7x
Median
Average
$2,547
$3,813
$3,791 $3,397
$4,157 $5,324
$306
$499
10.6%
10.9%
4.0%
5.1%
4.5%
0.9%
0.8x
0.9x
7.9x
8.4x
8.0x
8.0x
Note: Not meaningful (NM) if EV/Sales is greater than 10x, or EV/EBITDA is greater than 40x. NA if denominator is 0, for percentages and multiples, or if estimates are not available. NTM figures are based on the
median estimate of Wall St. analysts. Source: CapitalIQ.
Healthy Living & Nutraceuticals
7
MOSS ADAMS CAPITAL LLC
8) Valuation Multiples Retract in Second Half of 2015
• With a majority of the Healthy Living Manufacturer Index companies experiencing declines in their enterprise value in the second half
of 2015, EBITDA multiples have come off their mid year highs. EBITDA multiples continue to trade well above the S&P 500, as TTM and
NTM growth rates exceed the S&P 500 TTM and NTM growth rates.
• Retailers & Distributors Index multiples in the second half of 2015 have now fallen below the trading levels of the S&P 500, principally
because of (i) a decline in TTM revenue and EBITDA from Q2 2015 to Q4 2015, and (ii) a decline in NTM EBITDA growth expectations
to a level below that of the S&P 500.
Public Market EV / EBITDA Multiples(1)
Next 12 Months: Estimated Sales Growth
25.00x
Market Performance
20.00x
Manufacturers
15.00x
15.6x
S&P 500
10.00x
10.5x
Retailers &
5.00x
Distributors
8.7x
0.00x
(1)
200-day moving average used, and market-weighted index: ending values will not match page 5 and 6 .Healthy Living Manufacturers index, and Healthy Living Retailers & Distributors index comprised of
companies on page 5 and page 6. Source: CapitalIQ.
Healthy Living & Nutraceuticals
8
MOSS ADAMS CAPITAL LLC
9) Middle Market M&A Volume Declines in Q4 after Historic Q1-Q3 2015
• Overall, 2015 was a record year for M&A with transaction values
totaling $4.7 trillion, according to Thomson Reuters
• EBITDA multiples in middle market transactions in Q4 2015
finished the quarter at 8.3x EBITDA, equal to the 5 year average
for this metric and up from Q2 and Q3 2015.
• In Q4 2015, U.S. middle market M&A deal volumes declined
15% from Q3 2015, and declined 26% from Q4 2015.
• Q4 2015 EBITDA margins of reportable transactions surged also
remained consistent with the 5 year average for this metric.
Reported EBTIDA margins in Q4 2015 were 9%, while the 5 year
average for this metric is 8%.
• U.S. middle market M&A activity, measured by deal values,
remained consistent with prior quarters at $94 billion of
aggregate transaction value closed in Q4.
U.S. MIDDLE MARKET M&A 1
U.S. MIDDLE MARKET M&A VALUATIONS 2
1) Middle market M&A includes transactions with undisclosed values, and disclosed values where EV < $500 million.
2) Middle market M&A includes transactions with disclosed EBITDA, where EV < $500 million and EV/EBITDA between 3.0x and 15.0x. Note: transactions with disclosed EBITDA represent <5% of all transactions.
Source: CapitalIQ.
Healthy Living & Nutraceuticals
9
MOSS ADAMS CAPITAL LLC
10) Notable Recent M&A Transactions
$ in millions
Announced
Date
Acquirer/Investor
12/17/2015
12/14/2015
12/9/2015
Cerberus Capital
Swander Pace Capital
Enterprise
EV /
Value Revenue
Target
Target Description
Avon Products
Manufactures and markets beauty and related products worldwide
Captek Softgel International
$212
EV /
EBITDA
Contract manufacturer of softgel capsules.
Marine Nutriceutical Corp Swiss Caps USA Inc.
Develops, manufactures, and markets vitamins, OTC medications, and supplements.
11/16/2015
Glanbia plc
thinkThin LLC
Manufactures and markets nutritious snacks.
11/13/2015
Undisclosed Investor
Macular Health (Lunovus)
Manufactures and markets ophthalmic nutrition products.
10/31/2015
Prairie Capital
National Enzyme Company
Manufactures and markets enzyme-based dietary supplements.
0.2x
NM
$65 Confidential
1.2x
7.9x
--
--
--
$217
2.6x
18.5x
$15
--
--
--
--
--
10/6/2015
Nutraceutical International Dynamic Health Labs
Branded and contract manufacturer of natural liquid health products.
$19
1.5x
--
10/05/15
Twinlab Consolidated
Organic Holdings
Develops and markets premium nutritional supplements (Reserveage Nutrition)
$37
0.6x
--
10/5/2015
Hi-Tech Pharmaceuticals
Tribravus Enterprises
DBA: iForce, is a branded and contract manufacturer of nutritional supplements.
--
--
--
7/13/2015
Bebida Beverage Company International Sustainability
Manufactures and markets algae-based nutritional and algae-containing products.
--
--
--
7/2/2015
North Castle Partners
Sprout Foods, Inc.
Sprout Foods, Inc. offers packaged organic baby food.
--
--
--
6/29/2015
Xiamen Kingdomway
Vit-Best Nutrition
A custom contract manufacturing company manufactures pharmaceutical products.
$96
--
--
6/9/2015
Whitewave Foods
Sequel Natural Ltd.
Sequel Natural, dba Vega, produces and sells dietary supplement and health products.
$550
5.5x
22.0x
6/3/2015
Business Continuity
LXR Biotech, LLC
Develops and produces functional liquid energy and vitamin supplements.
--
--
--
5/15/2015
Lannett Company, Inc.
Silarx Pharmaceuticals
Develops, manufactures, and markets generic liquid pharmaceutical products.
$37
--
--
5/14/2015
Consac, LLC
Muscle Pharm Corp.
Develops, manufactures, markets, and distributes branded nutritional supplements.
--
--
--
5/12/2015
ConAgra Foods, Inc.
Blake's All Natural Food
Blake's All Natural Food offers natural and organic food products.
$21
--
--
5/11/2015
FitLife Brands, Inc.
iSatori, Inc.
Designs, manufactures, and markets nutritional and dietary supplement products.
$5
0.5x
NM
5/8/2015
InterHealth Nutraceuticals, Inc. LLC
NPI,
Develops natural raw materials for dietary supplement, food, and beverage industries.
--
--
--
2/4/2015
Twinlab Consolidated
Nutricap Labs, LLC
Provides contract manufacturing services for health and wellness companies.
$12
0.4x
9.3x
Aurobindo Pharma
Natrol, Inc.
Natrol, Inc. engages in the manufacture of vitamins and supplements.
$133
--
--
9/12/2014
Glanbia plc
The Isopure Company
The Isopure Company, LLC produces and sells protein powders and drinks.
$153
2.1x
--
6/6/2014
VS Hercules
FDC Vitamins
FDC produces and distributes vitamins, minerals, herbs, and food supplements.
5/28/2014
Hikma Pharmaceuticals
Bedford Laboratories
Bedford engages in the manufacture and distribution of generic injectables.
11/10/2014
Highlighted in Overview of Selected Transactions on page 11.
Median
Source: CapitalIQ.
Healthy Living & Nutraceuticals
10
$85
--
--
$300
15.8x
NM
$75.0
1.3x
13.9x
MOSS ADAMS CAPITAL LLC
11) Overview of Selected M&A Transactions
Swander Pace Capital (San Francisco, CA) acquires Captek Softgel International
(Cerritos, CA)
Dec 14, 2015
•
Swander Pace Capital, a San Francisco based private equity firm, acquired Captek
Softgel International on December 14th, 2015 from Prairie Capital.
•
Captek is a contract manufacturer and distributor of nutritional supplements, with
products principally serving the vitamin and mineral categories. Major form factors
for Captek include softgels and capsules. The Company services more than 200
brands in 20 countries, and has an estimated $55 million in revenue.
•
2015 M&A activity in the Healthy Living and
Nutraceuticals sector is down significantly from 2014.
While deal terms were not disclosed, sources confirm the acquisition was a
successful exit for Prairie Capital, as Captek had a nearly 15% CAGR in EBITDA over
Prairie’s hold period.
Healthy Living & Nutraceuticals
Middle Market M&A*
Nutraceutical International (Park City, UT) acquires Dynamic Health Labs
(Brooklyn, NY)
Oct 6, 2015
•
Nutraceutical international (NASDAQ:NUTR) announced that in October, NUTR
completed its acquisition of Dynamic Health Labs, a liquid products manufacturer
based in Brooklyn, NY. The Company paid $19 million in cash for Dynamic Health,
which represented a 1.5x TTM revenue multiple.
•
Dynamic Health Labs will be a product extension for NUTR, as the company
manufactures principally fruit juices, juice concentrations, blends, tonics, ciders,
purees, and vitamin products, as well as liquid dietary supplements.
•
NUTR has struggled over the past year, with revenue declining over 1% over the
last twelve months. The acquisition of Dynamic Health is NUTR’s first announced
acquisition in nearly 5 years, and given the Company’s growth profile could imply
NUTR is now more open to acquisitions of healthy living and nutraceuticals
companies.
Note: Middle market M&A includes transactions with
EV < $1000mm, and transactions with undisclosed EV.
YTD as of December 16, 2015.
Sources: Company press releases, WSJ, Bloomberg, CapitalIQ, and Moss Adams Capital Analysis
Healthy Living & Nutraceuticals
*YTD
11
MOSS ADAMS CAPITAL LLC
12) Notable Public Offerings & Private Placements
Date
12/07/2015
11/04/2015
10/01/2015
08/31/2015
08/14/15
08/10/2015
05/19/2015
04/28/2015
04/09/2015
02/27/2015
02/10/2015
02/03/2015
1/28/2015
01/26/2015
12/30/2014
11/17/2014
11/07/2014
07/29/2014
06/19/2014
05/19/2014
04/22/2014
03/18/2014
03/10/2014
Type
Issuer
Issuer Description
Deal Size
Private Placement
Public Offering
Private Placement
Public Offering
Public Offering
Public Offering
Private Placement
Public Offering
Public Offering
Private Placement
Public Offering
Private Placement
Private Placement
Public Offering
Private Placement
Public Offering
Public Offering
Public Offering
Public Offering
Public Offering
Private Placement
Public Offering
Public Offering
Muscle Pharm Corp.
TyraTech, Inc.
Twinlab Consolidated
Sancilio & Company
The Honest Company
Post Holdings, Inc.
CannaVEST Corp.
B&G Foods Inc.
BioPharmX Corporation
The Glukos Company
TherapeuticsMD, Inc.
Youngevity International
CannaVEST Corp.
Post Holdings, Inc.
Pernix Therapeutics
Rockwell Medical, Inc.
RiceBran Technologies
CCA Industries Inc.
Youngevity International
TherapeuticsMD, Inc.
Project Healthy Living
Nature's Sunshine
RiceBran Technologies
Develops, manufactures, and markets branded nutritional supplements products.
Develops, manufactures and markets proprietary insecticide and parasiticide products.
Manufactures, markets, and distributes branded nutritional supplements products.
Develops and manufactures branded, OTC, and generic prescription pharma products.
The Honest Company designs and manufactures bundles, baby, bath and body products.
Manufactures, markets, and sells branded and private label ready-to-eat cereal products.
Develops, produces, and distributes hemp-based products to the nutraceutical industry.
Manufactures, sells, and distributes shelf-stable food and household products.
Specialty pharmaceutical company for women's health, dermatology, and otolaryngology.
Produces performance nutrition products for athletes.
Operates as a women's health care product company.
Develops and distributes health and nutrition related products.
Develops, produces, and distributes hemp-based products to the nutraceutical industry.
Manufactures and sells refridgerated, active nutrition, and private label food products.
Pernix develops, manufactures, and markets branded pharmaceutical products.
Operates as an integrated biopharmaceutical company in the US and internationally.
RiceBran is engaged in the processing and marketing of healthy and natural rice products.
CCA Industries manufactures and distributes health and beauty aid products.
Youngevity develops and distributes health and nutrition related products.
TherapeuticsMD operates as a women’s health care product company.
Produces and sells nutritional supplements.
Nature’s Sunshine manufacture's and sells nutritional and personal care products.
RiceBran is engaged in the processing and marketing of healthy and natural rice products.
Transactions Represented
Median
Mean
$6
$5
$37
$86
$100
$351
$7
$129
$10
$6
$55
$10
$24
$309
$5
$59
$100
$40
$8
$262
$8
$64
$275
Summary
23
$40.0
$85.0
Note: U.S. Public equity offerings and Private Placements in the Healthy Living & Nutraceuticals sector in the past year that are > $5 million. Source: CapitalIQ
Healthy Living & Nutraceuticals
12
MOSS ADAMS CAPITAL LLC
13) Select Private Placements
Twinlab Consolidated Holdings (Hauppauge, NY)
October 1st, 2015
2014 Public Offering and Private Placement activity is
on pace to exceed 2013 levels.
•
Twinlab Consolidated Holdings completed a $37 million private placement
on October 1st, 2015, led by the Golisano Foundation, and supplemented by
Great Harbor Capital. The private placement was at $.28 per share. Given
there are 249 million shares outstanding, the private placement implies a
pre-money valuation of $69.7 million, or .94x TTM revenue of $74.5
million.
•
Twinlab has struggled recently, operating the business at a loss in both
2014 and 2015; however, 2015 revenues have grown in excess of 2014
revenues, and 2015 revenues are expected to come in at 2013 levels. (25%
growth over 2014).
•
Healthy Living & Nutraceuticals Middle
Market Public Offerings & Capital Raises
The Company will be using the proceeds to finance the $37 million
acquisition of Organic Holdings, a branded manufacturer of nutritional
supplements.
Muscle Pharm Corp. (Denver, CO)
December 7th, 2015
•
Muscle Pharm Corporation completed a $6 million private investment in a
public equity (PIPE) on December 7th, 2015. The investment was in the
form of a note that was issued to the executive chairman of the company.
•
Muscle Pharm has also struggled recently, with revenues declining in both
2014 and 2015., and operating losses exceeding $10 million. While the use
of funds was not explicitly disclosed, the executive chairman stated that his
loan was to support the company through its SEC investigation and
restructuring effort.
Note: Middle market Public Offerings and Private Placements includes
transactions with $1mm < TV < $1000mm. YTD as of December 16, 2015.
Source: Company press releases, CapitalIQ, Wall Street Journal, Barclay’s equity research report..
Healthy Living & Nutraceuticals
13
MOSS ADAMS CAPITAL LLC
14) Moss Adams at a Glance: Leadership through Experience and Results
Leadership through Experience and Results
Moss Adams Capital LLC
Moss Adams LLP
•
•
100+ years old – Founded in
1913
•
Largest accounting firm
headquartered in the western
U.S.
•
2,200 employees in 27 offices
•
Fully integrated accounting, tax,
and business advisory firm
•
Middle-market specialists
•
The Moss Adams Advantage:
Discrete, highly leverageable
transaction resources and
services
Full-service investment
banking and strategic
advisor services
•
Dedicated industry
specialists
•
Focus on privately owned
and family-held companies
•
Mergers and acquisitions
•
Private debt & equity
placements
•
Mezzanine capital
•
Due Diligence preparation
& advisory
International Presence
•
Healthy Living & Nutraceuticals
Major market affiliates
throughout the U.S. and more
than 100 countries around
world
14
MOSS ADAMS CAPITAL LLC
15) Expert Teams
I N D U S T RY K N OW L E D G E
M ATC H E D
WITH AN EXPERIENCED TEAM
• Senior Level Attention
• Commitment to our Clients
• Professional Excellence
• Objective & Independent Advice
• Creating Value for Owners
• Global Presence & Capabilities
Premier accounting and
financial services advice
for middle market healthy
living & nutraceutical
companies.
Healthy Living & Nutraceuticals
15
MOSS ADAMS CAPITAL LLC
16) Global Reach
Moss Adams is a founding member of Praxity, a global alliance of independent financial firms, giving you access to trusted expertise in
over 100 countries and territories around the world.
Europe
Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Hungary, Ireland, Italy, Jersey, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands,
Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey, United
Kingdom , Ukraine
North America
United States, Canada
Asia
China, Indonesia, Japan, South Korea,
Malaysia, Singapore, Taiwan,
Thailand, Vietnam
Middle East and
Indian
Subcontinent
India, Israel, Lebanon,
Pakistan, United Arab
Emirates
Latin America and
Caribbean
Argentina, Brazil, Cayman
islands, Chile, Colombia,
Mexico, Puerto Rico, Uruguay,
Venezuela
Africa
Algeria, Angola, Benin, Botswana, Cameroon, Cape
Verde, Djibouti, Egypt, Ghana, Ivory Coast,
Lesotho, Madagascar, Mauritius, Morocco, Senegal,
South Africa, Tunisia, Zambia
Australasia
Australia, New Zealand
Healthy Living & Nutraceuticals
16
MOSS ADAMS CAPITAL LLC
17) Global M&A Reach Through Local Relationships
Local, National and Global Reach
Our affiliation with CFxB consists of 150+ Corporate Finance Professionals across the U.S. and in over 25 countries.
more than 25 countries
Mazars Canada
1 office
MNP Corporate Finance 10 offices
MNP LLP
70 offices
Mazars Europe 140 offices
Mazars M&A 20 offices
Mazars Asia
25 offices
Moss Adams Capital 3 offices
Moss Adams LLP 27 offices
Weiser Mazars
6 offices
William Buck CAA
6 offices
Mazars Middle East
15 offices
BKD Corporate Finance 4 offices
BKD LLP 33 offices
Mazars South America
20 offices
Healthy Living & Nutraceuticals
Mazars Africa
40 offices
17
MOSS ADAMS CAPITAL LLC
18) Contact Us
Contributing Authors:
Richard M. Anderson
Managing Director
(949) 221-4006
Rich.anderson@mossadams.com
James Rothenberger
Vice President
(206) 302-6777
James.rothenberger@mossadams.com
Moss Adams Capital LLC
999 3rd Avenue
Suite 2800
Seattle, WA 98104
2040 Main Street
Suite 900
Irvine, CA 92614
Wiley Kitchell
Managing Director
(206) 302-6780
wiley.kitchell@mossadams.com
Robert Miranda
Vice President
(949) 221- 44021
robert.miranda@mossadams.com
Bradley Erhart
Associate
(949) 517-9452
bradley.erhart@mossadams.com
Harman Wales
Managing Director
(206) 302-6770
jet.wales@mossadams.com
Scott Porter
Vice President
(206) 306-6326
scott.porter@mossadams.com
James Parr
Analyst
(949) 221-4099
james.parr@mossadams.com
Tyler Dale
Vice President
(949) 221-4030
tyler.dale@mossadams.com
Andrew Suen
Vice President
(949) 517-9428
andrew.suen@mossadams.com
Daniel Seubert
Analyst
(206) 302-6775
daniel.seubert@mossadams.com
Healthy Living & Nutraceuticals
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MOSS ADAMS CAPITAL LLC